Russia's Military Budget Ranks Fourth Worldwide – Report

Russia no longer ranks among the top three spenders on defense, dropping down to fourth place, the Stockholm International Peace Research Institute (SIPRI) reported Tuesday.

The United States remained the leader by far, accounting for 36 percent of all military spending in the world, according to the SIPRI report. In 2015, Washington increased its defense expenditure 2.4 percent to $596 billion.

China ranked second, having spent $215 billion on defense last year, having increased its military budget by 7.4 percent, the report said.

The third position — previously occupied by Russia — was held by Saudi Arabia. Last year, their defense budget totaled $87.2 billion, up 5.7 percent from 2014.

Russia increased its military spending last year by 7.5 percent to $66.4 billion. The authors of the report noted that Russia's defense expenditure was lower than budget projections amid weakening oil prices.

Total military spending in 2015 rose 1 percent to $1.7 trillion. Growth was registered for the first time since 2011, the report said.